We know that in Finance Bill 2019 tax rate for FY 2019-20 for individuals / HUF has not been changed except the fact that rebate u/s 87A has revised to Rs 12,500 if Total Income is upto Rs 5,00,000 (previously it was Rs 2500 if total Income is upto Rs 3,50,000).

Tax rates for Individuals / HUF (be it resident or non resident) for FY 2018-19 is as below:

For Men/ Women below 60 years of age:

Basic Exemption upto Rs Rs 2,50,000
Tax @ 5% Rs 2.50 lac to 5 Lacs
Tax @ 10% Not Applicable
Tax @ 20% Rs 5 Lac to 10 Lacs
Tax @ 30% in Excess of Rs 10 Lacs
Surcharge @10% if Total Income > 50 Lacs but <=1 Crore & @ 15% If Total Income > Rs 1 Crore
Health and Education Cess @ 4%
Deduction u/s 87A Lower of (Rs 12,500 or actual tax payable) for Individual having Total Income <= Rs 5 Lacs

For Senior citizen (i.e => 60 years but < 80 years of age)

Basic Exemption upto Rs Rs 3,00,000
Tax @ 5% Rs 3.00 lac to 5 Lacs
Tax @ 10% Not Applicable
Tax @ 20% Rs 5 Lac to 10 Lacs
Tax @ 30% in Excess of Rs 10 Lacs
Surcharge @10% if Total Income > 50 Lacs but <=1 Crore & @ 15% If Total Income > Rs 1 Crore
Health and Education Cess @ 4%
Deduction u/s 87A Lower of (Rs 12,500 or actual tax payable) for Individual having Total Income <= Rs 5 Lacs

For Super Senior citizen (i.e =>80 years of age)

Basic Exemption upto Rs Rs 5,00,000
Tax @ 5% Not Applicable
Tax @ 10% Not Applicable
Tax @ 20% Rs 5 Lac to 10 Lacs
Tax @ 30% in Excess of Rs 10 Lacs
Surcharge @10% if Total Income > 50 Lacs but <=1 Crore & @ 15% If Total Income > Rs 1 Crore
Health and Education Cess @ 4%
Deduction u/s 87A Nil Impact

We attach Income Tax calculator which contains the rate of Income tax for last 23 financial year (i.e Financial year 1997-98 to 2019-20) and income tax calculator for last 13 years (i.e Financial year 2006-07 to 2019-20) for Individuals/HUF (Resident or Non resident).

Hope users will find it useful.

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